3rd Dec 2015 09:24
LONDON (Alliance News) - Nostra Terra Oil and Gas Co PLC on Thursday said the US Bureau of Land Management has approved an exploratory unit at the Paw Paw Prospect in the Big Horn Basin in Wyoming.
Nostra said the creation of the unit will bring a number of benefits, allowing for a more efficient, controlled development of the prospect.
Nostra has a 100% working interest in the prospect, with Koch Exploration, a subsidiary of private conglomerate Koch Industries, retaining an overriding royalty interest with the right to convert this into a working interest.
In addition, Nostra said it in the process of applying to become an operator in Wyoming and is applying for the necessary permits to drill.
"This is a significant step in creating value for the Paw Paw Prospect. We're pleased to see the approval of a unit covering a large extent of the leasehold," said Matt Lofgran, Nostra's chief executive.
Shares in Nostra were down 8.6% to 0.08 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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